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Daily Mirror
16 hours ago
- Business
- Daily Mirror
Major bank with 2.5million customers making changes to 36 accounts within days
The Co-operative Bank is cutting is making a shocking changes to 36 savings accounts, leaving customers for the worst as they deliver a fresh blow to savers with altered interest rates A major bank with millions of customers is set to make a significant change to dozens of accounts in the coming days. The Co-operative Bank is slashing interest rates on 36 savings accounts, dealing another blow to savers. This move comes hot on the heels of the Bank of England's decision to lower the base rate from 4.25% to 4%, marking the fifth such cut since 2020. While this means lower mortgage payments for homeowners, it often results in smaller returns for savers. This is because the base rate influences the interest rates banks offer on savings accounts and loans, including mortgages. It comes after news that Nationwide will pay bonus £760 into accounts of customers who do one thing. The Co-operative Bank has acted swiftly, announcing that interest rates on dozens of accounts will be reduced starting on August 14 and October 22. On August 14, the Base Rate Tracker accounts will see reductions, with interest rates dropping from 4% to 3.75% and from 3.75% to 3.5%. For instance, if you had £1,000 deposited for 12 months, the interest earned at 4% would have been £40. After the rate drops to 3.75%, you would earn £37.50 - a difference of £2.50. Similarly, with the rate falling from 3.75% to 3.5%, the interest earned would decrease from £37.50 to £35, meaning £2.50 less over the year, reports the Sun From October 22, various other accounts will experience cuts, including the Future Fund, which will see its rate fall from 1.53% to 1.46%, and the Online Saver, dropping from 2.12% to 2.06%. Other accounts affected include the Smart Saver, Select Access Saver 5, and Privilege Premier Savings, with reductions ranging from 4.15% to 3.9% and 3.53% to 3.4%. Cash ISA holders will also feel the pinch, with Cash ISA 2 rates dropping from 3.25% to 3%. However, there's a silver lining as several savings providers still offer returns of up to 5%. With the average bank customer holding around £10,000 in savings, according to Raisin, switching could be a wise decision. To assist you in getting the best returns, we've compiled a list of the top savings rates for each account type below. Other savings accounts An easy-access savings account usually allows for unlimited cash withdrawals. The top rate easy access savings account currently available is from Cahoot, which offers a 5% return - and you only need to deposit a minimum of £1 to set it up. This means that if you were to save £1,000 in this account, you would earn £50 a year in interest. Meanwhile, West Brom Building Society's easy access account offers customers 4.55% back on savings worth £1 or more. Provider Cahoot is offering an interest of 5.00 percent with a minimum investment of £1, paid on the anniversary. Chase* also offers 5.00 percent interest with a minimum investment of £1, paid monthly. Another offer from Cahoot provides 4.55 percent interest with a minimum investment of £1, paid on the anniversary. West Brom BS offers 4.55 percent interest with a minimum investment of £1, paid yearly. Revolut offers 4.50 percent interest with a minimum investment of £1, paid daily. Cynergy Bank and Principality BS both offer 4.45 percent interest with a minimum investment of £1, paid on the anniversary and yearly respectively. Kent Reliance offers 4.41 percent interest with a minimum investment of £1, paid on the anniversary. Chase includes a 2.25 percent 12-month bonus for new customers only. Another option is a notice savings account. These accounts offer better rates than easy-access accounts but still let you access your money more flexibly than a fixed-bond. RCI Bank UK's 95-day notice account offers savers 4.7% back with a minimum £1,000 deposit. This means that if you were to save £1,000 in this account, you would earn £47 a year in interest. Meanwhile, GB Bank's 120-day notice account offers 4.58%, requiring a minimum deposit of £1,000. If you want to build a habit of saving a set amount of money each month, a regular savings account could pay you dividends. Principality Building Society's Six Month Regular Saver offers 7.5% interest on savings. It allows customers to save between £1 and £200 a month. Save the maximum, and you'll earn £25.81 in interest. There are also regular savings accounts where the amount you can save into the account each month is limited, typically to somewhere between £200 and £500. These accounts offer better rates than easy-access accounts but still let you access your money more flexibly than a fixed-bond. For instance, RCI Bank UK's 95 day notice account offers savers 4.7% back with a minimum £1,000 deposit. This means that if you were to save £1,000 in this account, you would earn £47 a year in interest. Meanwhile, GB Bank's 120-day notice account offers 4.58%, requiring a minimum deposit of £1,000.
Scottish Sun
3 days ago
- Business
- Scottish Sun
Major bank with 2.5million customers making huge change to 36 bank accounts within days – you'll be worse off
We've listed the alternatives to help you maximise your earnings CUT IT OUT Major bank with 2.5million customers making huge change to 36 bank accounts within days – you'll be worse off A MAJOR bank with millions of customers is make a huge change to dozens of bank accounts starting within days. The Co-operative Bank is cutting interest rates on 36 savings accounts, delivering a fresh blow to savers. It comes just days after the Bank of England lowered the base rate from 4.25% to 4%, marking the fifth interest rate cut since 2020. The decision means lower mortgage payments for homeowners but often leads to smaller returns for savers. That's because the base rate impacts the interest rates banks offer on savings accounts and loans, including mortgages. The Co-operative Bank has wasted no time, announcing that interest rates on dozens of accounts will be reduced starting on August 14 and October 22. On August 14, the Base Rate Tracker accounts will see reductions, with interest rates dropping from 4% to 3.75% and from 3.75% to 3.5%. For example, if you had £1,000 deposited for 12 months, the interest earned at 4% would have been £40. After the rate drops to 3.75%, you would earn £37.50 - a difference of £2.50. Similarly, with the rate falling from 3.75% to 3.5%, the interest earned would decrease from £37.50 to £35, meaning £2.50 less over the year. From October 22, various other accounts will experience cuts, including the Future Fund, which will see its rate fall from 1.53% to 1.46%, and the Online Saver, dropping from 2.12% to 2.06%. Other affected accounts include the Smart Saver, Select Access Saver 5, and Privilege Premier Savings, with reductions ranging from 4.15% to 3.9% and 3.53% to 3.4%. Switch bank accounts for free perks Cash ISA holders will also be impacted, with Cash ISA 2 rates falling from 3.25% to 3%. Fortunately, several savings providers still offer returns of up to 5%. With the average bank customer holding around £10,000 in savings, according to Raisin, switching could be a smart move. To help you get the best returns, we've listed the top savings rates for each account type below. What types of savings accounts are available? THERE are four types of savings accounts: fixed, notice, easy access, and regular savers. Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free. But we've rounded up the main types of conventional savings accounts below. FIXED-RATE A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term. This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account. Some providers give the option to withdraw, but it comes with a hefty fee. NOTICE Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash. These accounts don't lock your cash away for as long as a typical fixed bond account. You'll need to give advance notice to your bank - up to 180 days in some cases - before you can make a withdrawal or you'll lose the interest. EASY-ACCESS An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals. These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee. REGULAR SAVER These accounts pay some of the best returns as long as you pay in a set amount each month. You'll usually need to hold a current account with providers to access the best rates. However, if you have a lot of money to save, these accounts often come with monthly deposit limits. What's on offer? If you're looking for a savings account without withdrawal limitations, then you'll want to opt for an easy-access saver. These do what they say on the tin and usually allow for unlimited cash withdrawals. The best easy access savings account available is from Cahoot, which pays 5% - and you only need to pay a minimum of £1 to set it up. This means that if you were to save £1,000 in this account, you would earn £50 a year in interest. Meanwhile, West Brom Building Society's easy access account offers customers 4.55% back on savings worth £1 or more. If you're okay with being less flexible about withdrawals, a top notice account could be a great option. These accounts offer better rates than easy-access accounts but still let you access your money more flexibly than a a fixed-bond. RCI Bank UK's 95 day notice account offers savers 4.7% back with a minimum £1,000 deposit, for example. This means that if you were to save £1,000 in this account, you would earn £47 a year in interest. Meanwhile, GB Bank's 120-day notice account offers 4.58%, requiring a minimum deposit of £1,000. If you want to lock your money away and keep the same savings rate for a set time, a fixed bond is a good choice. The best fixed rate currently offered is Vanquis Bank's one-year fixed bond, which pays 4.44%, requiring a minimum deposit of £1,000. Meanwhile, Atom Bank's one-year fixed bond offers 4.42% back on a deposit of £50 or more. This means that if you were to save £1,000 in this account, you would earn £44.20 a year in interest. If you want to build a habit of saving a set amount of money each month, a regular savings account could pay you dividends. Principality Building Society's Six Month Regular Saver offers 7.5% interest on savings. It allows customers to save between £1 and £200 a month. Save in the maximum, and you'll earn £25.81 in interest. While regular savings accounts look attractive due to the high interest rates on offer, they are not right for all savers. You can't use a regular savings account to earn interest on a lump sum. The amount you can save into the account each month will be limited, typically to somewhere between £200 and £500. Therefore, if you have more to save, it would be wise to consider one of the other accounts mentioned above.
Daily Mirror
04-07-2025
- Business
- Daily Mirror
UK bank launches regular savings account with whopping 7.10% interest rate
Digital bank Zopa has launched a regular savings account paying an industry-beating 7.10 per cent interest rate - and it can be opened with just a £1 deposit Zopa, the digital bank based in the UK, has unveiled a competitive regular savings account boasting a hefty 7.10% interest rate. Regular savings accounts are tailored for individuals who wish to save a fixed sum each month over a set term, typically 12 months, and earn a higher interest rate than standard savings accounts as a result. Savers can deposit up to £300 per month, allowing a maximum total deposit of £3,600 over a 12-month period. Interest is paid at the end of the term, with a full £3,600 deposit expected to earn around £255.60, bringing the total balance to approximately £3,855.60. READ MORE: Kickers' 'durable' Back to School shoe range that 'last all year' There's no minimum deposit required to open Zopa's Regular Saver pot; however, you need a Zopa bank account and a Smart Saver first, which requires a minimum deposit of £1. After 12 months, the regular saver converts to an easy access account with a 3.5% rate, but Zopa said customers can open a new regular saver to continue earning the higher rate, reports the Express. Unlike many regular savings accounts, savers are allowed to withdraw money at any time without penalty. However, they'll only be able to replace the money within the monthly allowance of £300. For example, if you withdraw £500 but want to put money back in, you can only deposit up to £300. To open the account, you must be aged 18 or over, be a UK resident and have tax residency in the UK, and have a Zopa bank account and Smart Saver account. Zopa has launched a new product alongside its current account, 'Biscuit', which allows customers to earn up to £256 annually through a mix of cashback and interest. The account offers 2% annual interest on all balances and provides 2% cashback on household bills paid by direct debit, capped at £1,500 of direct debits per annum. This account also grants customers access to the 7.10% AER regular savings account. What other options are available? Savers can deposit up to £200 each month, meaning the pot can increase to a total of £1,200, with withdrawals not permitted until the account matures. With a maximum monthly investment of £200, savers will accumulate £1,227.53, including £27.53 in interest. So, while it may boast a market-leading AER, its six-month term restricts the total interest earned. First Direct offers a competitive 7% AER over 12 months. The account permits a higher monthly deposit of £300, which totals up to £3,600 in savings over a year. At the end of the term, savers will have £3,736.50, including £136.50 in interest. Although First Direct's interest rate is lower, the longer term and higher deposit limit make it a potentially better option for accumulating larger savings. Other providers offering competitive interest rates on regular accounts include The Co-Operative Bank with a 7% AER, Nationwide Building Society with a 6.5% AER, and Lloyds Bank with a 6.25% AER on its Club Lloyds account.
AsiaOne
22-06-2025
- Business
- AsiaOne
10 best savings account in Singapore with the highest interest rates (June 2025), Money News
For the longest time, UOB One and OCBC 360 were the top dogs when it came to high-interest savings accounts in Singapore. Even after both got nerfed, they still managed to stay ahead of the pack — and were pretty much neck and neck. But now, Standard Chartered has thrown down the gauntlet. Its bonus interest rate just jumped to a massive 8.05 per cent p.a. (up from 6.05 per cent) — if you hit all the criteria. Even with just salary crediting and credit card spend, you'll get 3.05 per cent p.a. With this latest move, is StanChart pulling ahead and giving OCBC 360 a run for its money? There's a lot to consider. How much you earn from a savings account really depends on how much you put in and how many bonus requirements you can hit. Banks love making us jump through hoops — salary credit, card spend, bill payments, the works. One of the accounts below even gives you nine different types of transactions to choose from! To help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs. Note: We update this article on a monthly basis with the latest rates. The rates below were updated on June 12, 2025. 1. At a glance: Best savings accounts in Singapore with highest interest rates (June 2025) Savings account Interest rates (effective interest rates) Best for Standard Chartered BonusSaver Up to 8.05% (on first $100,000, fulfil 4 criteria) High spenders OCBC 360 Up to 7.65% (on first $100,000, fulfil 5 criteria) Lower income earners ($1,800 min. salary) Citi Wealth First Account Up to 7.51% (on first $50,000 – $500,000 , fulfil 5 criteria ) Those with other Citibank products Bank of China Smart Saver Up to 6.00% (on first $100,000, fulfil 4 criteria) High spenders UOB One Up to 4% (on first $150,000, fulfil 2 criteria) Freelancers & self-employed Maybank Save Up Up to 4.30% (on first S$50,000 , fulfil 3 criteria ) Home, education, car loan users DBS Multiplier Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) Salaried workers CIMB FastSaver 3.19% (on first $25,000, fulfil 2 criteria) Young adults starting their careers POSB SAYE (Save As You Earn) 3.50% (just deposit and maintain money, no criteria to fulfil!) Students or first-jobbers HSBC Everyday Global Account Up to 3.55% (register and qualify for the HSBC Everyday+ Rewards Programme) HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank — and certainly not all at the same time. What will you earn if you only fulfil two or three criteria, such as crediting your salary and spending on your credit card? Here's our realistic summary for those with $50,000 and $100,000 to stash away: Savings account and the 2-3 easiest requirements to fulfil Effective interest rate and earnings on first $50,000 Effective interest rate and earnings on first $100,000 Citi Wealth First Account Save $3,000/month + Spend $250/month 3.01% (up to first $50,000) You earn: $1,505 per year (~$125 per month) 1.53% p.a. (for regular Citibanking customers, 3.01% only applies to the first $50,000) You earn: $1,530 per year ($128 per month) Standard Chartered BonusSaver Credit min. $3,000 salary + Spend $1,000/month 3.05% p.a. (up to first $100,000) You earn: $1,525 ($127.08 per month) 3.05% p.a. (up to first $100,000) You earn: $3,050 ($254.17 per month) UOB One Credit min. $1,600 salary + Spend $500/month 2.30% p.a. (up to first $75,000) You earn: $1,150 ($96 per month) – 2.68% (EIR on first $100,000) You earn: $2,680 ($223 per month) Note: The maximum EIR of 3.30% p.a. applies on first $150,000. OCBC 360 Credit min. $1,800 salary + Spend $500/month + Save $500/month 2.75% p.a. (up to first $75,000) You earn: $1,375 per year (~$115 per month) 3.30% p.a. (EIR on first $100,000) You earn: $3,300 ($275 per month) Bank of China SmartSaver Credit min. $2,000 salary + Spend $750/month 2.65% p.a. (up to first $100,000) You earn: $1,325 per year (~$110 per month) 2.65% p.a. (up to first $100,000) You earn:$2,650 per year (~$221 per month) Maybank Save Up Programme Credit min. $2,000 salary + Spend $500/month 1.24% p.a. (up to first $50,000) You earn: $619 per year (~$52 per month) 1.12% p.a. (EIR on first $100,000, since bonus interest only applies to the first $75,000) You earn: $1,121.50 per year (~$93 per month) DBS Multiplier Credit salary + 1 category ($500 min. in monthly transactions) 1.80% p.a. (up to first $50,000) You earn: $900 per year (~$75 per month) 0.925% p.a. (since 1.80% p.a. only applies up to first $50,000) You earn: $927 per year (~$77 per month) CIMB FastSaver Credit salary/schedule GIRO transfer + Spend $800/month on CIMB Visa Signature Credit Card 2.64% p.a. (up to first $50,000) You earn: $1,320 per year (~$110 per month) 2.20% p.a. (EIR on first $100,000) You earn: $2,200 per year (~$183 per month) POSB SAYE (Save As You Earn) No requirements, but cannot withdraw for 2 years 3.50% p.a. You earn: $1,750 per year (~$146 per month) 3.50% p.a. You earn: $3,500 per year (~$292 per month) HSBC Everyday+ Rewards Programme Deposit min. $2,000 and make 5 transactions 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $1,350 per year (~$113 per month) (excludes cashback) 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $2,700 per year (~$225 per month) (excludes cashback) Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more. 1. Citi Wealth First Account Citibanking, Citi Priority Citigold Citigold Private Client Deposit amount First $50,000 First $250,000 First $500,000 Base interest rate 0.01% p.a. Spend (min. $250/month on Citibank Debit Mastercard) 1.5% p.a. Invest (min. $50,000/month) 1.5% p.a. Insure (min. $50,000/month) 1.5% p.a. Borrow (min. $500,000 home loan) 1.5% p.a. Save (min. $3,000/month) 1.5% p.a. TOTAL 7.51% p.a. The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01 per cent) + bonus interest (up to 7.50 per cent). Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list. Next, beef up that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil: Spend (+1.5 per cent): Spend at least $250/month on your Citibank Debit Mastercard. Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds. Insure (+1.5 per cent): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes. Borrow (+1.5 per cent): Take up a new home loan of at least $500,000. Save (+1.5 per cent): Deposit more money into your account, increasing your account's average daily balance by at least $3,000 from the previous month's. If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51 per cent p.a. is the effective interest rate! Realistically speaking, most of us can only deposit our salaries in the account, i.e. "Save", and "Spend". If you only fulfil these two criteria, you'll earn 3.01 per cent p.a. interest on the Citi Wealth First Account. That's $1,505 earned per year from your first $50,000. The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client. Citi Wealth First Account Minimum balance: $15,000 Fall below fee: $15 Bonus interest cap: $50,000 - $500,000 2. Standard Chartered BonusSaver account interest rates The Standard Chartered BonusSaver savings account just got a boost. After being nerfed on Jan 1, 2025 to a maximum interest rate of 6.05 per cent p.a., it's now back up to a maximum of 8.05 per cent p.a. — the highest in the account's history. Here's a breakdown of the changes that took effect on June 1, 2025: Transactions Current interest rates None (base interest) 0.05% Salary credit (min. $3,000) +1.00% +1.50% Credit card spending (min. $1,000) +1.00% +1.50% Invest in eligible unit trust (min. $20,000) +2.00% +2.50% for 6 months Buy eligible insurance (min. $12,000) +2.00% +2.50% for 6 months Total interest 6.05% p.a. 8.05% p.a. While 8.05 per cent p.a. is very high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all four requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough! If you only catch the lowest hanging fruit, salary credit and credit card spending, you'll still earn a decent 3.05 per cent p.a. However, for meeting the same two requirements, even the nerfed UOB One Account (3.30 per cent p.a. on first $150,000) is more attractive. If you can also save at least $500 a month, the OCBC 360 account (3.30 per cent p.a. on first $100,000) is also comparable. On the plus side, 8.05 per cent p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.) Do note that you only get the bonus interest for crediting your salary if you're earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead — it'll give you 2.00 per cent p.a. interest on your first $100,000 for crediting a minimum salary of $1,800. Standard Chartered Bonus Saver Minimum balance: $3,000 Fall below fee: $5 Bonus interest cap: $100,000 3. UOB One savings account interest rates The UOB One Account did us all a great service from December 2022 to April 2024, offering a rate of up to 7.80 per cent (EIR: 5.00 per cent p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days. But Singapore's highest interest savings account relinquished its throne on May 1, 2024 when it reduced its maximum interest rate to 6.00 per cent p.a. (EIR: 4.00 per cent p.a.). Then, exactly one year later, it got nerfed again. UOB One savings account - new interest rates from May 1, 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO First $75,000 0.65% 2.00% 1.50% ↓ 3.00% 2.30% ↓ Next $50,000 0.05% 3.00% 2.50% ↓ 4.50% 3.80% ↓ Next $25,000 0.05% 0.05% 6.00% 5.30% ↓ Above $150,000 0.05% 0.05% 0.05% The highest tier interest is now 5.30 per cent p.a., down from six per cent p.a. However, remember that the advertised interest rates above are only applied on specific tiers — for example, the 5.30 per cent only applies to the $25,000 after your first $125,000. To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate-the true interest rate on the full amount you deposit in your UOB One Account. Effective interest rates on UOB One Account from 1 May 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO $75,000 0.65% 1.50% 2.30% $125,000 0.41% 1.90% 2.90% $150,000 0.35% 1.59% 3.30% $200,000 0.275% 1.21% 2.49% From May 1, 2025, the maximum EIR you can earn with UOB One is 3.30 per cent p.a. on your first $150,000, down from the current 4.00 per cent p.a. This assumes you spend on a UOB credit card and credit your salary to the account (we'll get to the mechanics in the sub-section below). While it is a drop, 3.30 per cent p.a. is still one of the highest rates out there when you consider how simple it is to achieve-just fulfil two pretty easy criteria. Comparatively, Standard Chartered will only give you 2.05 per cent p.a. to fulfil the same criteria. OCBC 360 is the closest competitor to UOB One, offering 3.30 per cent p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals — you have to make sure your average balance increases by $500 each month. Another factor that gives UOB One an edge over OCBC 360 is that the 3.30 per cent p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful. How to maximise interest on the UOB One savings account At least UOB didn't change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact — its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements: Credit your salary to the UOB One account via GIRO Spend at least $500 spend per month on an eligible UOB Card The eligible cards you can hit the $500 spend on are: UOB One Card UOB Lady's Card (all card types) UOB EVOL Card Lazada-UOB Card UOB One Debit Visa Card UOB One Debit Mastercard UOB Lady's Debit Card UOB Mighty FX Debit Card Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. Find out why in our full review of the UOB One account. If you prefer a card with $0 minimum spend, the recently revamped UOB Lady's Card is right up your alley. And yes, men can apply too! UOB One savings account Minimum balance: $1,000 Fall below fee: $5 (Waived for first six months for accounts opened online) Bonus interest cap: $100,000 4. OCBC 360 savings account interest rates Transactions Interest rate (first $75,000) Interest rate (next $25,000) None (base interest) 0.05% 0.05% Salary credit (min. $1,800, GIRO/FAST/PayNow) + 2.00% + 1.60% ↓ + 4.00% + 3.20% ↓ Increase average monthly balance (min. $500) + 1.20% + 0.60% ↓ + 2.40% + 1.20% ↓ Spend (min. $500 on selected OCBC credit cards) + 0.60% + 0.50% ↓ Insure in selected products (min $2,000) + 1.20% (first 12 months) + 2.40% (first 12 months) Invest in selected products (min. $20,000) + 1.20 % (first 12 months) + 2.40% (first 12 months) Maintain average daily balance of min. $200,000 $250,000 + 2.40% + 2.20% ↓ Like UOB One, the OCBC 360 savings account is also getting nerfed from May 1, 2025 — changes are shown in the table above with stricken through text. Let's first go through how it works. The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a., then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates. Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000: Salary + Save: 4.05 per cent p.a. 2.80 per cent p.a. Salary + Save + Spend: 4.65 per cent p.a. 3.30 per cent p.a. Salary + Save + Spend + Insure / Invest: 6.15 per cent p.a. 4.80 per cent p.a. Salary + Save + Spend + Insure + Invest: 7.65 per cent p.a. 6.30 per cent p.a. Realistically, most of us will likely only fulfil three criteria: Salary, Save, and Spend. From May 1, 2025, the maximum EIR we can enjoy will drop from 4.65 per cent p.a. to 3.30 per cent p.a. To recap, the UOB One account also gives you an EIR of 3.30 per cent — and you only need to fulfil two criteria, crediting your salary and spending on your credit card. While the OCBC 360 looks more complicated than the UOB One account at first, it's actually more flexible in that there is no one mandatory requirement to hit. Mix and match as you please. You'll get a bonus 1.6 - 3.2 per cent just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it's via GIRO. You also get a bonus 0.6 - 1.2 per cent every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don't hit the other criteria. The bonus 0.50 per cent p.a. interest for credit card spending is also an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards: OCBC 365 Credit Card OCBC INFINITY Cashback Card OCBC NXT Credit Card OCBC 90°N (available in both Visa and Mastercard versions) OCBC Rewards Card Recommended cards for the OCBC 360 savings account My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800: Five per cent cashback on everyday dining (including local, overseas and online food delivery) Six per cent cashback on fuel spend at all petrol service stations locally and overseas Three per cent cashback on groceries, land transport, online travel, recurring telco and electricity bills But if you've jumped through enough hoops for your savings account and just want a blanket 1.6 per cent cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit. OCBC 360 Minimum balance: $1,000 Fall below fee: $2. Waived for first year. Bonus interest cap: $100,000 5. Bank of China SmartSaver account interest rates Transactions Interest rate None (base interest) 0.4% p.a. Insurance plan spending + 2.40% p.a. 2.75% p.a. ↑ for 12 consecutive months Salary credit + 2.50% 1.50% p.a. ↓ (min. $2,000) Credit card spending + 0.50% (min. $500) OR 0.80% (min. $1,500) + 0.75% p.a. (min. $750) OR 1.25% p.a. (min. $2,500) 3x bill payments of at least $30 each (GIRO or internet/mobile banking) + 0.9% p.a. 0.1% p.a. ↓ (For account balance above $100,000) Extra bonus interest when you fulfil any one of the requirements for Card Spend, Salary Crediting or Payment bonus interest 0.60% p.a. (New!) While the UOB One and OCBC 360 accounts were the high-profile nerfs on May 1, 2025, one more bank quietly joined the nerf party too-the Bank of China. With the Bank of China SmartSaver account, you now get 1.50 per cent p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. That's down from the previous 2.5 per cent p.a. The Bank of China SmartSaver account also awards a wealth bonus of 2.75 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term. If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.0 per cent p.a. on your first $100,000 saved with the Bank of China. This used to be 7.0 per cent, pre-nerf. On the other hand, let's say you only credit your salary and spend ($750 a month). Including the prevailing base interest, you'll earn an interest rate of 1.50 per cent + 0.75 per cent + 0.40 per cent = 2.65 per cent on your first $100,000. It's not very high, but at least it's low effort on your part. Bank of China SmartSaver Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests) Fall below fee: $3 Bonus interest cap: $100,000 6. Maybank Save Up Programme interest rates Interest rates Transactions First $50,000 Next $25,000 Maximum Effective Interest Rate None (base interest) Up to 0.25% p.a. Up to 0.25% p.a. 1 x transaction + 0.30% p.a. + 1.00% p.a. 0.53% p.a. (excludes base interest) 2 x transactions + 1.00% p.a. + 1.50% p.a. 1.17% p.a. (excludes base interest) 3 x transactions + 2.75% p.a. + 3.75% p.a. 3.08% p.a. (excludes base interest) Base interest The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered: First $3,000: 0.05 per cent p.a. Next $47,000: 0.25 per cent p.a. Remaining balance above $50,000: 0.25 per cent p.a. Your base interest's effective interest rates are hence: First $50,000: 0.238 per cent p.a. First $75,000: 0.242 per cent p.a. First $100,000: 0.244 per cent p.a. Bonus interest Next, the Maybank Save Up Programme then lets you choose from nine different Maybank products/services to get bonus interest: GIRO payment (min. $300) OR salary credit (min. $2,000) Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card Invest in structured deposit (min. $30,000) Invest in unit trust (min. $25,000) Buy insurance (min. $5,000 annually) Home loan (min. $200,000) Renovation loan (min. $10,000) Car loan (min. $35,000) Education loan (min. $10,000) The bonus interest rates aren't competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card. Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn't count. On the plus side, these cards give you good cash rebates both locally and overseas. Maybank Save Up Programme Minimum balance: $1,000 Fall below fee: $2. Waived for individuals below age 25. Bonus interest cap: $50,000 7. DBS Multiplier savings account interest rates The DBS Multiplier account's interest rates are only competitive if you hit three categories across credit card spending, home loan, insurance, and investment. Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories First $50,000 First $100,000 First $100,000 $500 to $14,999 1.80% 2.10% 2.40% $15,000 to $29,999 1.90% 2.20% 2.50% $30,000 and up 2.20% 3.00% 4.10% The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn't need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from one or more of the following categories: Credit card or PayLah spending (no minimum) Home loan (cash + CPF components counted) Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies) Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products) The more categories you hit, the higher bonus interest rates you get. One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend. The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn't the most accessible credit card due to its high minimum income requirement. What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000. You don't need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy! Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier. However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000. DBS Multiplier Minimum balance: $3,000 Fall below fee: $5. Waived for first-time customers & those up to age 29. Bonus interest cap: $100,000 8. CIMB FastSaver savings account interest rates The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects-salary and credit card spend requirements — but these are only required for you to unlock the highest interest rate (currently 3.19 per cent p.a.) on the first $25,000. After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70 per cent p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through. Account balance Prevailing interest rate Additional interest rate ( credit salary or schedule a recurring GIRO transfer of at least $1,000) Additional interest rate ( spend on CIMB Visa Signature Credit Card ) Total interest rate First $25,000 1.19% p.a. + 0.50% p.a. + 1.00% (min. $300 monthly eligible spend) + 1.50%^ (min. $800 monthly eligible spend) 3.19% Next $25,000 2.09% p.a. – – 2.09% p.a. Next $25,000 2.70% p.a. – – 2.70% p.a. Above $75,000 0.80% p.a. – – 0.80% p.a. If we assume you hit the requirements to earn 3.19 per cent on your first $25,000, your effective interest rates are: First $25,000: 3.19 per cent First $50,000: 2.64 per cent First $75,000: 2.66 per cent First $100,000: 2.20 per cent This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee. CIMB FastSaver Minimum balance: $1,000 Fall below fee: None! Bonus interest cap: $75,000 9. POSB SAYE savings account interest rates What if you want to open a savings account, but don't want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a.. Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here. 10. HSBC Everyday Global Account Our last savings account on this list is the most headache-inducing. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account… masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain. The HSBC Everyday Global Account lets you transact in 11 different currencies, but that's probably not the reason why you're reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn't stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, overall between the account and the programme, earn you an extra one per cent bonus interest and one per cent cashback per year. When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.55 per cent p.a. from now to June 30, 2025: 0.05 per cent p.a. Everyday Global Account's prevailing interest rate + 2.50 per cent p.a. Everyday Global Account Bonus Interest 1.00 per cent p.a. when you qualify for the HSBC Everyday+ Rewards Programme Combined, these bring your total interest to 3.55 per cent p.a. How do I qualify for the HSBC Everyday+ Rewards Programme? The third component above (one per cent additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements: Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account Make five eligible transactions, with no minimum amount. These can be any combination of the following types: 1) Transactions made with a HSBC personal credit card* 2) Transactions made with a HSBC Everyday Global Debit Card 3) GIRO bill payments 4) Fund transfers to a non-HSBC account What do I earn from the HSBC Everyday+ Rewards Programme? Qualifying for the Everyday+ Rewards Programme gets you: 1 per cent bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month) 1 per cent cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers) * Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won't earn you cashback once you qualify the programme. The one per cent cashback you receive is pegged to your spending on your HSBC Everyday Global Debit Card, not your credit card. This change was implemented by HSBC on May 2, 2024 and is also spelled out in their updated terms and conditions. On the plus side, HSBC doesn't limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to eight per cent cashback on this card on selected dining, shopping, and entertainment spending. On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first six months. How to register for the HSBC Everyday+ Rewards Programme To register, send an SMS to 74722 with the following format: EGAfirst 9-digit of your Everyday Global Account number (e.g. EGA 123456789) [[nid:718806]] This article was first published in MoneySmart .
The Age
13-05-2025
- The Age
America's privately owned, high-speed train service beats flying
The train: Brightline The journey: Orlando to Miami. The train departed on time from Orlando at 12.50pm, arriving in Miami at 4.15pm Frequency: Hourly departures daily Train: Brightline, Florida's modern, high-speed train service Class: Smart Saver, coach 5, seat 14D Travel time: Scheduled and actual was three hours and 25 minutes Checking in Booking is easy through the Brightline website (I'm still avoiding downloading apps unless they're ones I'll use regularly), where I select my seat and receive a digital ticket. Brightline Orlando Station is airy, clean and spacious, with plenty of seating and a sleek, modern design. The check-in process here was efficient, with minimal waiting and clear signage all around. Baggage For an additional fee starting at $US30 ($47) per item, you can add checked baggage to your Smart Saver fare. If you're bringing more than one bag, it's best to pre-add them to your booking through the Brightline app or website. The seat Brightline has two service classes: Smart (standard seating with essential amenities) and Premium (extra perks like lounge access, free snacks, and priority boarding). My Smart Saver seat is comfortable, with adequate legroom and a good reclining option. That said, because someone sat next to me partway through the journey, I move to seat 15D in the row of two behind, which is free. This seat does not recline. None of the seats in Smart Saver have fold-out tray tables, but there are cupholders, and a small fixed table between paired seats for holding drinks or devices.
